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<br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To <br />Economic Development Authority <br />Item Number <br />3.1 <br />Agenda Section <br />General Business <br />Meeting Date <br />July 15, 2020 <br />Prepared by <br />Amanda Othoudt, EDD <br />Item Description <br />2021 EDA Budget & Budget Goals <br />Reviewed by <br />Lori Ziemer, Finance Director <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br />Information presented for discussion only. Action is to be taken at the August 17, 2020, EDA meeting. <br /> <br />Background/Discussion <br />As part of the budget process, a budget workshop is advisable to allow for informal discussions regarding the <br />goals and objectives, major projects, and other items influencing the EDA budget. <br /> <br />Staff prepared a draft budget to address several of the goals outlined through recent EDA discussion. To meet <br />EDA Bylaws, the EDA must approve the budget at their August 17, 2020, regular meeting, and make <br />recommendation to the City Council on September 21, 2020. <br /> <br />As drafted, the proposed expenditures are $364,650. Staff is proposing a slight decrease in expenditures for <br />office supplies. An increase telephone, postage, conferences and schools, advertising and marketing, publishing, <br />insurance, and dues and subscriptions. <br /> <br />An allocation of $10,000 is proposed for the Together Elk River Campaign. Based upon discussions at the May <br />18, 2020, special meeting, $10,000 is allocated for incentives and rebates promoting Energy City. A new <br />allocation in advertising and marketing is budgeted to showcase available industrial and commercial sites <br />utilizing drone footage. <br /> <br />Staff proposes $45,000 towards the wetland credit bank which is a shared initiative between the EDA and the <br />Environmental Divisions and allocating $3,000 to the Initiative Foundation. <br /> <br />The EDA levy options are as follows: <br />1) A Balanced Rate <br />2) 0.01813% Maximum Rate <br /> <br />All levy options are applied against the Estimated Market Value that will be obtained from Sherburne County. <br />In addition to the tax levy, we also calculate interest income of $3,000 and $3,500 transfer from the HRA for <br />supplies and shared costs.